India’s largest iron ore miner NMDC said it has raised iron ore prices by 5.22% for the January to March quarter.
Mr Rana Som chairman of NMDC told PTI that "We have increased the prices of iron ore for the January to March quarter by 5.22% from January, based on the recommendations of our pricing committee, which met recently in Hyderabad.”
Mr Som said that the step was taken in the wake of a rise in iron ore demand and a squeeze in global supply.
NMDC''s Pricing Committee fixes the price of the iron ore on a quarterly basis. After a series of hikes during the first half of 2010, NMDC had reduced iron ore prices by about 5% in the October to December quarter.
Earlier, the company had hiked ore prices for the April to June quarter by about 90% to USD 120 to 135 a tonne. In the subsequent quarter (July-September), prices were raised to about USD 145 a tonne.